Apr. 20, 2022
This rule does not sound like a good idea for the market. Market dynamics should be governed by supply and demand forces. It is not okay for FTD's (failure to delivers) to even be allowed in the first place. If I buy a car and give cash for it, I expect to receive the car, not an "I owe you" for it. Who does business like this? If a stock is in high demand, the price of that stock should be bid up until the market clears. FTD's have created a scenario where the price discovery of the asset doesn't even exist anymore. It is theft plain and simple. If someone sold me a car, took my cash and never delivered the car, they should be forced to go into the open market, purchase the car and deliver it to me. They should not be allowed to create another I owe you to escape their obligation. Please have some moral and ethical integrity and do the right thing. I recommend withdrawing this proposal immediately. Thanks for your attention. -A disgruntled retail investor.